If you’re a newlywed, you know that managing money can be tough. This guide will help you understand money management for newlyweds so you can make the most of your finances.
You’ve officially tied the knot–congratulations! Starting a new journey with your partner can be an exciting and overwhelming new chapter in your life. Throughout your marriage, you’ll encounter a few hiccups along the way, such as financial struggles, disagreements, and conflicting perspectives.
To help overcome managing money together, establish your financial goals, decide on joint or separate accounts, set realistic budgets, and learn how to communicate your wants and needs effectively. Follow the tips below on how to manage your money as newlyweds.
4 Tips For Newlyweds On How To Management Money To Reach Your Goals
Money management is one of the key indicators of a happy, healthy marriage. These four tips will help you begin your marriage journey with a strong foundation.
Having goals as a married couple is important. It’s a way of building for the future.
When you first get married, it’s all about love and intimacy. This is normal. And good. In biblical times, the ancient Hebrews were given a year off from military service and work to spend time with their spouse. This is an important time.
But, as one wise mentor put it: ‘You can’t eat love! Someone has to pay the bills.’ or ‘Love doesn’t pay the bills!‘ Neither of these were said in a negative way. Rather to drive home the idea that longevity in relationships is based on a number of factors and not merely ‘feelings of love.’
We have found that couples who have a strong sense of purpose, dream big, and set positive goals rate high on marriage satisfaction charts. In other words, couples who plan for a great future, more often than not, achieve their dreams.
The four tips lay a great foundation for couples to start their financial (and dream) journey together.
1. Establish Your Financial Goals
The first step is establishing your financial goals as a team. Together, create a list of short and long-term goals. These goals might include, eliminating debt, buying a new home, contributing to retirement accounts, saving for future vacations, and creating an emergency fund to prepare for any unexpected issues that might occur.
Buying A Home
If buying a home is one of your short-term goals, it’s important to understand the price range, community, style, and size of the home you’re looking for. If money is tight after paying for the wedding and you’re concerned about how you’re going to fund the house payment, consider looking into theFHA loan requirements. FHA loans are extremely popular for newlyweds because this type of loan offers lower down payment and flexible mortgage borrowing options to choose from. This is a noteworthy option to look into more if buying a home is your first priority as newlyweds.
Planning For Retirement
Another goal you can start working towards right away is saving for retirement. While it may feel far off into the future, contributing to your 401K now will help you and your partner plan ahead and get you both on the same page. Once you’ve agreed on ideal financial goals as a team, the next step is to discuss how you’ll manage your money.
Don’t forget about your basic needs. This is where a budget comes into play. We will discuss this later. For now, realize that planning your monthly expenses will help you maintain balance in your financial life.
It also reduces stress and becomes the governor of your spending habits.
When you operate on a budget, you control credit cards, money goals, and your overall money game plan.
Your fiinancial security depends on your money mindset and how you work together to control your spending habits.
2. Decide on Joint or Separate Bank Accounts
Have you thought about joining your bank accounts? Depending on your financial preferences, decide whether you plan to have joint funds or separate bank accounts. There’s no right or wrong way of managing your money as a duo.
Finding an account that works for you and your partner is the most important thing. If joining your accounts seems like the best option, this will allow you to both contribute to one pool of capital. This option may be more organized and easier to see what’s coming in and out of the account.
If separate accounts make more sense, this will allow you and your partner to have complete control of your personal capital. As long as you’re both working towards the same goals as discussed before, you’ll be on the right track. The nice thing is, that if you both decide later on to switch to the other option, you may do so.
3. Set a Monthly Budget
To help you better manage your accounts and reach your financial goals, set a realistic budget and stick to it. Start by listing any weekly and monthly expenses you will expect.
Weekly expenses might include:
- Personal medical care.
Monthly expenses to include in your budget are:
- Utility bills
- Mortgage payments
- Home repairs
- Auto loans
- Retirement accounts
- Vacation funds.
If you find you’re spending more money per month than you can manage, limit your spending on miscellaneous items, such as monthly subscriptions, streaming services, dining out, or pricey gym memberships.
If you and your partner are unsure of how to create your budget, find a printable budget templateon Pinterest for inspiration. After a while, you’ll be able to better grasp a budget that works best for your family.
4. Create a Safe Communication Space
It’s no secret that money can lead to stress in relationships. For the health of your relationship, it’s important to find ways to deal with stress around finances.
Creating an open and safe communicative space will help you and your partner discuss your worries, wants, and needs. Start by keeping each other’s feelings a priority, make time for one another, be open and clear when communicating, and refrain from playing the blame game.
When disagreements appear, it’s important to calmly discuss and work towards a solution as a team. This may take time to establish and that’s perfectly fine. Remember, the last thing you want is for you, or your partner, to bottle up feelings towards finances and potentially have them explode later down the road.
Final Thoughts On Managing Money As Newlyweds
Relationships are bound to have ups and downs, but always remember you’re on the same team. Managing your finances will take time and eventually you and your partner will find a strategy that works best for you.
For help in the future, refer back to the tips above for ways you and your partner can effectively manage your finances together
- 4 Tips For Newlyweds On How To Management Money To Reach Your Goals
- 1. Establish Your Financial Goals
- 2. Decide on Joint or Separate Bank Accounts
- 3. Set a Monthly Budget
- 4. Create a Safe Communication Space
Here is a list of financial resources and tools you can use to get back on track, and stay on track with your money.
Credit Repair Magic will fix your credit fast using simple, practical methods that have worked for thousands. Plus get extra bonuses when you sign up.
Credit Repair Letters are written by attorneys to help you know what and how to communicate with Credit Card companies.
The Debt Relief Manual offers practical advice on everything you need to know on HOW to eliminate credit card debt without getting trapped.
Dissolve Debt will help you reduce and eliminate tax or government debt.
Changing Your Money Mindset
For those who want to change their money mindset and learn how to manage and use money effectively, we recommend Robert Kiyosaki’s Rich Dad Summit. It is costly, but once you are able to invest in your future self, this program is worth the money.
You can also take our Marriage Quiz to get your marriage score and find practical ways to increase communication, intimacy and trust in your relationship.